Canyons to be Operated by Vail Resorts

By Todd Anderson

May 29, 2013

Vail Resorts announced today that it has entered into a long term lease to assume all of the resort operations of Canyons Resort in Park City, Utah.

Vail lost out to Talisker a few years back in the bidding to purchase the resort, but is now coming back to take over the operations. Talisker Corporation has retained all of the development rights. In the original battle between Vail and Talisker for the purchase, Talisker’s lack of ski mountain operations background was a point of contention. In today’s press release Vail commended the work Talisker had done with $75M in improvements and other moves that had raised Canyons into the top ten ski resorts in North America as rated by the readers of Ski Magazine.

The website home page of Canyons Resort announces that “Utah is now Epic”. This refers to Canyons Resort being included as part of Vail Resorts’ Epic Pass which offers skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly, and Kirkwood all for $689 (20% below the price of a Canyons Resort pass last year).

The press release states that the companies agreed to a fifty year lease with six fifty year options to renew at a price of $25 Million per year plus a yearly increase and portion of EBITDA.

The agreement also includes the land which Talisker currently leases to Park City Mountain Resort. The leased land is mentioned as potential lease without additional consideration. The litigation between Talisker and Park City Mountain Resort is ongoing. The chairman and CEO of Vail Resorts is quoted as saying he hopes “Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts”. Great news for skiers and snowboarders at Canyons and Park City, but a questionable phrase for Powder Corp (Owner of Park City Mountain Resort).

Park City as a whole should only benefit from what Vail Resorts brings in terms of marketing and resort operation expertise.

Tags: canyons, Epic, Park City, resort, Ski, snowboard, Talisker, Utah, vail
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Park City Failed Development

By Todd Anderson

Nov 11, 2009

The Park Record reported Saturday that a portion of the Black Rock Ridge Development outside Park City, Utah has been sold to the Talisker Company and is slated to become employee/affordable housing. Talisker owns the Canyons, Tuhaye, Empire Canyon and other properties in Summit and Wasatch Counties. Black Rock Ridge was slated to be a community of approximately 250 condominiums and townhomes ranging form 800 to 2000 square feet. The development offered its first completed models for sale in early 2008. Black Rock Ridge was promoted as affordable mountain style townhomes and condominiums in Park City, Utah. The development offered new construction homes at prices just below $300 per square foot. The product appeared well received, but the timing was poor. Black Rock Ridge is technically in Wasatch County and not Park City. This may have had something to do with its poor sales too as Wasatch County is outside of the nationally ranked Park City School District. Five unit sales in Black Rock Ridge were recorded across the Park City MLS. The remaining project was foreclosed upon by the bank this past spring. What will happen with the uncompleted common area amenities and future phases of the development is unknown. The Talisker Corporation purchased 26 of the unfinished units and has an agreement with Park City which will allow Talisker to use them (along with other concessions) to satisfy some of their employee and affordable housing components of the Empire Pass development. A Talisker representative was quoted as saying the company would sell the 9 townhomes at market value and the 17 condominiums when complete for $200K - $240K. The current owners at Black Rock Ridge will welcome some completion to the project, but are unhappy (to say the least) that the development will become "affordable housing" as the impact on their investment is decidedly negative. The location of Black Rock Ridge is less than 5 miles from the center of Park City making the area easily accessible. There are 2 other residential developments currently under construction in the area - Park's Edge and The Retreat at Jordanelle. There are also commercial development possibilities in the area which is home to Stock Building Supply. Presently the area is a bit of no-man's land and given the current economic state, it may be a while before this changes. The YouInParkCity.com group advises to carefully examine these and other unfinished Park City real estate developments before purchasing.

Tags: affordable, Black Rock Ridge, community, condominium, development, empire canyon, jordanelle, MLS, Park City, Parks edge, Real Estate, retreat, Talisker
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Park Meadows Golf Real Estate in Park City

By Todd Anderson

Jun 23, 2009

Park City & Deer Valley real estate can boast of having many fine golf communities completed or nearing completion. These include Glenwild, Tuhaye, Promontory Ranch, Hideout Canyon, Victory Ranch and Red Ledges. Promontory features two courses, an equestrian center, club houses and numerous kids programs. Tuhaye has one course (plus another in the works), a ski boat on the Jordanelle Reservoir, many kids programs but is unique in that its membership includes the Talisker Club amenities at Deer Valley ski resort. Victory Ranch will have an exceptional course but what separates it from the other clubs is that it has private river frontage on the Upper Provo River and fantastic fly fishing, Red Ledges will open its Jack Nicklaus designed course 4^th of July weekend and will have world class tennis facilities and other amenities. Glenwild's crown jewel is its Fazio designed golf course. It is a golf country club type of community complete with workout room, restaurant and swimming pool. All of the above are gated communities.

I think Park Meadows Country Club, which often seems to fly under the radar screen, is worth considering when a family is deciding to purchase a primary residence or vacation home in a Park City and wants golf to be a part of their Park City lifestyle. It is not a gated real estate community and does not have many of the built in programs and amenities associated with these other clubs. On the other hand it is located within the Park City town limits which means all of the activities and amenities in Park City are readily available to families that purchase a home in Park Meadows and join the Park Meadows Country Club. Some of the amenities in Park City are the Racquet Club, the free bus system, the Skate Park and City Park. The Park City restaurants, clubs, events and shopping match its real estate in being world class.

Park Meadows Country Club, originally designed by Jack Nicklaus, was renovated last year by John Harbottle. Park Meadows has a swimming pool, restaurant and workout room. It is adjacent to the Park City Racquet Club and is part of the city-wide free Park City bus system, a real plus for getting kids to and from all that Park City, Utah has to offer.

No one knows what Park City real estate areas will appreciate more rapidly as we climb out of this recession but if I had to put money on it I would bet homes, condominiums and lots inside of the Park City town limits to bounce back more rapidly just based on the principle of scarcity.

If you are considering the purchase a home or condominium in the Park City or Deer Valley area and want to live on or near a golf course don't forget to take a peek at Park Meadows.

For more info on Park City Real Estate contact a YouInParkCity.com Keller Williams Park City Real Estate specialist.

Tags: condominium, Deer Valley, Glenwild, Golf, home, Nicklaus, Park City, Park Meadows, Promontory, Real Estate, Red Ledges, Skiing, Talisker, Tuhaye, Victory Ranch
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Golf at The Canyons Resort in Park City

By Todd Anderson

Jun 17, 2009

Golf courses and spas are a major component of resort real estate in the Park City and Deer Valley area. Many of the real estate communities in The Canyons area of Park City have some reliance on golf in the area. A meeting will be held today to discuss why the proposed golf course adjacent to The Canyons Resort in Park City, Utah has not come to fruition.

In the late 1990's as part of The Canyons Resort specially planned area (SPA), a golf course was required as part of the plan. The plan required a course to be in place by 2002.

The Spa allows for increased density at the base of The Canyons Resort and has many conditions which allow for the density increase such as a golf course (golf is often developed as "open space" in large development and SPA areas in and around Park City, Utah), roads, trails public right-of-ways, etc. Many of the problems with the proposed golf course and overall development of the base area at The Canyons Resort stem from the fact that there are over 25 different land owners involved dealing with complicated trades, leases and other transactions to get the original SPA approved.

With the Talisker Corp. as the new owner of The Canyons Resort, it was widely anticipated that due to its golf background, the course would move forward quickly. This has yet to happen and the lawsuits surrounding the area can only make matters worse.

Many of the real estate developments within and around The Canyons and Park City have made mention of the future course and no doubt many Buyers have made real estate purchases based on the proposed course.

The proposed golf course at The Canyons could play an important role in making the resort and surrounding tourism driven developments more profitable year-round. Most of the newer real estate developments in The Canyons area (The Grand Summit, The Sundial Lodge, Escala, Vintage on the Strand, The Westgate, Dakota Mountain Lodge, Fairway Springs and more) have made some claim to proximity to and added benefit to owners and guests that the proposed golf course at The Canyons will bring.

Unfortunately, golf courses are not cure-all prescriptions for real estate and tourism. Local private and semi-private Park City area golf courses are experiencing difficulties. These can be seen by the recent bankruptcy and subsequent emergence from bankruptcy at Promontory, as well as the exodus of over 100 members at the Jeremy Ranch golf club and heavily discounted memberships becoming available at Park Meadows Country Club.

The completion of the proposed course at The Canyons Resort in Park City will be a welcome addition by area golfers and tourists alike, but how well the Park City area which boasts more than 14 golf courses (and at least 3 more on the way) within a 20 mile drive can absorb enough tee times to make them all work is yet to be seen. The effect on the real estate surrounding the Park City and Deer Valley area golf courses is a great discussion.

For more information about golf related real estate opportunities in the Park City and Deer Valley areas, contact a YouInParkCity.com real estate agent.

Tags: canyons, Dakota, Deer Valley, Escala, Golf, golf course, Grand Summit, Jeremy, Park City, Park Meadows, Promontory, Real Estate, resort, Talisker, The Canyons, tourism, Utah
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Talisker Completes Purchase of The Canyons Resort

By Todd Anderson

Jul 01, 2008

The 123.1 Million dollar sale of The Canyons Resort is reported to have been completed yesterday June 30, 2008. The purchase price is reported to have been $52.1 million in cash and $71 million in senior secured notes to American Ski Company. The sale should put an end to Vail Resorts attempt to purchase the resort although Talisker does retain an option to sell the resort at a future date. Talisker will assume responsibility for pending litigation by The Canyons Resort's former owner Wolf Mountain which claims that American Ski Company defaulted on its lease and that the property should go back to Wolf Mountain. Talisker plans to keep the current management team of The Canyons Resort in place with Mike Gore as the managing director. There are no plans currently for any major upgrades to the mountain as it is already too late in the summer and planning process to start improvements for the 2008-2009 snow season. There are currently plans for some access lifts to be completed this summer. Talisker officials stated that they will begin looking at the resort's development master plan soon. The sale of the resort includes as much as 3 million square feet of developable real estate located at the base of the resort as well as mid-mountain. Talisker will run the resorts 3700 acres under a lease agreement with Wolf Mountain (this lease is a major portion of what Talisker has purchased from American Ski Company). Talisker is a privately held corporation that owns over 10,000 acres in and around Park City. They are the developers of the luxury residences at the Empire Canyon area of the Deer Valley Resort as well as the Tuhaye golf resort just outside of Park City. The Canyons Resort has made great strides in recent years opening new terrain and offering new real estate opportunities in the Park City area. The sale of the resort to a luxury resort owner/operator should benefit the area and its surroundings. For information on how this may affect your property or future property aquisitions usr the contact us button at the top of the page.

Tags: Deer Valley, development, Luxury, Park City, Real Estate, Talisker, The Canyons Resort, Tuhaye
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Park City Golf Communities

By Todd Anderson

Jan 28, 2008

The January/February edition of Travel and Leisure Golf includes a feature article naming "America's TOP 100 Golf Communities"; subtitled their "Annual List of the Best Places to Live-and Live Well". The list includes Promontory, Talisker (aka Tuhaye) and Glenwild (all here in Park City, Utah). The list was comprised with under the following criteria: "To be eligible, communities must offer property owners an opportunity for membership in an affiliated private golf club. Limited public access to the course- such as for guests at a resort- is allowed but may detract from a community's ranking. Each property is reviewed in the following six categories, in order of importance: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural activities; management, service and programming options, nongolf amenities, such as full service spa, equestrian center or marina; and environmental stewardship." These requirements take quite a few areas out of the mix; even so, finding 3 of the 100 in the Park City area seems implausible.

Don't get me wrong. I think that each of these communities is deserving of high accolades and that each community has its own unique selling points. As a resident of the area currently looking at Park City's local ski resorts all showing over an 80" snow base, I long to get out and play some golf. Granted I currently ski 3-4 times a week and love it, I do look forward to being outside without 6 layers of clothing. Like many ski resort area residents, I can say that I moved to the area for the skiing, but stay because of the summers. Summers here are fantastic and the golf at these three communities measure up well.

Promontory was given the #6 spot on the list of 100. It opened its second 18-hole course this year (a Jack Nicklaus design to compliment its Pete Dye Canyon Course). This area was the first of the club-type properties in the Park City area and covers 7500 acres. Its seemingly endless compliment of alternative amenities includes skiing, fishing, equestrian facilities and a 5000 sq ft area devoted to kids. See Promontory under the Park City Information/golf section of youinparkcity.com

Talisker (this is the name of the club amenity, the golf course and its attached community is named Tuhaye) earned the #14 spot on the list. Of the three communities in the rankings, this may be the most well rounded (at least from a skier's perspective). It is also the newest and its amenities just keep coming. Its golf course is a Mark O'Meara design and there is talk of a Tom Fazio designed course on the way. See Tuhaye under the Park City Information/golf section of youinparkcity.com

Glenwild is the true golf community mentioned here in that it has no skiing counterpart involved. It does measure up to the extras in the review categories with its spa and pool facilities, but not to the extent of the other two here. Its golf course, though, sets the standard for the state and nearly always sits at number one on lists. It is rumored that a well known former NBA star recently purchased a home in the area which is limited to just 200 build-able home-sites. See Glenwild under the Park City Information/golf section of youinparkcity.com

All-in-all, these are three great golf communities and when you look at their proximity to a major airport and the limitless opportunities for outdoor recreation that Park City and Utah offer, I can see where these may be part of the top 100 in the nation. Personally, I think that my top picks might come from areas with a longer golfing season. Until then, skiing will have to fill the void.

Tags: Communities, Glenwild, Golf, Park City, Promontory, Real Estate, Ski, Skiing, Talisker, Travel and Leisure, Tuhaye
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